Today: All About the Unemployment Report
Today at 8:30 a.m., we get a much-anticipated unemployment report from the Labor department, giving economists and Wall Street a clearer picture into just how bad 2008 was. Predictions run the gamut with most estimates expecting at least a loss of 500,000 jobs for the month of December, but others say it will be much higher, at 600,000 or more. Unemployment, now at 6.7 percent, is expected to have risen sharply in December to 7 percent or higher. Some economists are forecasting that the unemployment rate in 2009 could reach as high as 10 percent.
On Wednesday, a report conducted by private firm ADP said that by its methodology, the nation lost 1.1 million jobs in the last two months of the year. And as president-elect Barack Obama warned in a speech yesterday, today's figures are likely to show that 2008 was the worst year since World War II.
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